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CBDT e-verification of Tax Returns filed online

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 Millions of taxpayers filing returns online may no longer have to send paper documents to the central processing unit here, with CBDT (Central Board of Direct Taxes) proposing to introduce electronic verification for such filings, a top official said.

"It (introduction of electronic verification of online income tax returns) is in a very advanced stage. Some clearances and approvals have to be taken. Amendments to the Information Technology Act will be required. Then it will go to Parliament," chief commissioner of income tax Bangalore-1 K Satyanarayana said.

The new measure, expected to be operational by September, will save taxpayers the hassle of sending paper documents by post and tracking their acknowledgement, he added.

Citing the example of how electronic verification of online I-T returns is done in USA, Satyanarayana said amendment to the Information Technology Act would be needed to introduce such a system.

At present, two options are available for taxpayers to e-file ITR — either by affixing digital signature, or without affixing digital signature. If it is the former, there is no need to send ITR-V to the I-T department's central processing centre (CPC) in Bangalore. In the other case, the tax payer is required to take a print-out of ITR-V and send it to the I-T department within 120 days of e-filing.

As per the Information Technology Act, a digital signature is equivalent of a physical signature. So, anyone filing returns electronically with digital signature need not send ITR returns form for physical verification. In 2012-13, a 31% jump was seen in e-filings with 2.14 crore assessees filing returns online as compared to 1.64 crore in 2011-12. 

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  5. Birla Sun Life Tax Relief '96 Invest Online
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  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
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      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
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      2. HDFC Top 200 Fund
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      1. Reliance Equity Opportunities Fund
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